No way. The low-res textures are far worse than the console textures, and if you don't turn on the blur you get to see the shadow dithering that looks like something out of 1996.
You're right, console textures are "medium"... I meant on "lower" settings... consoles are medium textures and about 18 on the distance bars, if I recalls correctly. And 720 res of course (or lower and upscaled?).